Welcome to the fifth edition of the Insolvency and Business Restructuring Guide for Africa. As head of the Insolvency, Business Rescue and Restructuring practice group at Werksmans, it is a pleasure to bring you this publication which is published in collaboration with all of our LEX Africa member firms in over 28 jurisdictions across the continent.
The purpose of the guide is to share pertinent data and information with all of you, which will provide you with a better understanding of each of the relevant jurisdictions’ approach to insolvency and restructuring matters. We hope this guide, which is unique in both its content and reach, will be used to your benefit in the years to come.
It is our intention to continuously update this publication with further contributions from additional African jurisdictions as well as keep you abreast of the latest legal frameworks and developments affecting this area of practice. There are diverse challenges and risks which any investor, financial institution or international corporate might face in investing in any jurisdiction around the world. Particularly, in emerging markets like those found in Africa, it is important to understand the limitations, scope and efficacy of the insolvency regimes applicable in each jurisdiction and the ability to foreclose and extract value in a distressed debt situation.
The purpose of the publication is to gain a better understanding of what makes up the various insolvency and rescue regimes in each one of the relevant African jurisdictions. As can be seen, there have been certain legislative reforms in various African jurisdictions in the insolvency space. Although there are significant and crucial differences between individual African jurisdictions in the realm of insolvency legislation, current reforms appear to reflect an attempt to harmonise insolvency and restructuring regimes across the continent.
Many of these legislative enhancements have been imported from international and domestic insolvency regimes which have been adapted to bring local regimes into line with international best practice.
This edition of the Insolvency and Business Restructuring Guide sets the tone for the African continent and establishes a guideline which is both informative and useful. There is no doubt that the key issues raised in the guide will assist in gaining a better understanding of the various applicable insolvency regimes operative across the continent.
LEX Africa is the first and largest African legal alliance with a long history of assisting clients across the continent. It is hoped that our insight into these issues will be both informative and practical.
I would like to take this opportunity to acknowledge and thank those of my colleagues both within Werksmans and the LEX Africa Alliance who contributed their time and specialist expertise to assist in the production of this publication. In particular, I would like to thank Lauren Becker of Werksmans for her input in editing the publication.
Doing business in Africa is associated with diverse challenges and risks and must accordingly be founded on a strong legal base.
LEX Africa is an alliance of leading law firms with over 600 lawyers in over 25 African countries which was founded in 1993 and was the first legal alliance focussing solely on Africa. Only African law firms join the Alliance subject to strict performance and selection criteria to ensure world class standards of legal practice.
Each member’s key specialist focus is on general, corporate, commercial and regulatory law as well as litigation and dispute resolution.
LEX Africa effectively covers the entire African continent and provides a valuable resource for businessmen and investors in Africa. LEX Africa has a more than 25 year track record of assisting and advising clients on their African business activities. Each member is a full service business law firm with expert knowledge and experience in both local law and the local business, political, cultural and economic environment. LEX Africa accordingly provides a “one stop shop” and Pan African legal team for cross border and domestic African legal solutions to clients wherever they wish to do business in Africa.
Member firms share similar values and commit to the highest professional, ethical and service delivery standards. A lawyer exchange program and specialist LEX Africa practice and industry sector groups have been established.
To collaborate with member firms to drive business growth in Africa through best legal practice by attracting, developing and promoting world-class professional skills for the continuing success of our network and the broader African continent.
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